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PIG TODAY-11.04.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: Immediate downward pressure towards 1.0525.

EUR edged below last Friday’s 1.0578 low to touch 1.0568 before recovering quickly. As indicated yesterday, the immediate pressure is still on the downside and we continue to expect a move lower towards 1.0525. That said, downward momentum is not as impulsive as preferred and it may take a couple of days before 1.0525 could be seen. On the upside, resistance is at 1.0630 but only a move back above 1.0665 would indicate that the immediate downward pressure has eased.

GBP/USD: Neutral: Immediate downward pressure towards 1.2285.

The strong rebound from a low of 1.2367 yesterday came as a surprise. The sharp drop from last Friday is losing momentum but it is too early to expect a sustained recovery. As long as 1.2460 is intact, another push lower towards 1.2285 still seems likely even though the odds for such a move have diminished.

AUD/USD: Neutral: Extension towards 0.7450 seems likely.

The rebound from a low of 0.7476 yesterday appears to be corrective in nature. In order words, the immediate pressure is still on the downside and we continue to expect the current AUD weakness to extend towards 0.7450. This is a rather strong support and at this stage, a sustained move below this level seems unlikely. On the upside, only a break back above 0.7550 would indicate that a short-term low is in place.

NZD/USD: Neutral: Immediate downward pressure towards 0.6900, with lower odds for extension to 0.6863.

Despite the strong bounce from a low of 0.6921 yesterday, it is too early to call for a short-term low. As long as 0.6995 is intact, another leg lower to test the major 0.6900 support still seems likely. The next support at 0.6863 (low in December last year) is likely out of reach for now.

USD/JPY: Neutral: Recovery has scope to extend to 112.20.

USD hit a high of 111.57 yesterday before dropping back sharply. Despite the pull-back, the undertone is still positive and as long as the key 110.00 support is intact, there is still scope for a move higher towards 112.20. At this stage, a clear break above this level is not expected.

Source: efxnews.com

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